Revenue vs Net income
Reported dollars from 10-Q / 10-K filings. Q4 bars are derived (annual less nine months) where the 10-K does not tag Q4 separately.
Margin trend
Gross, operating and net margin. Margins are derived from reported dollars.
Revenue YoY growth
Year-over-year change vs the same quarter (or fiscal year) a year earlier. Shown where the prior-year period is in the 8-quarter snapshot (latest four quarters).
Income statement
From 10-Q / 10-K XBRL. Values in reported dollars; EPS in $/share; share counts in shares.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $48.7B | $59.3B | $60.1B | $64.2B | $65.0B |
| YoY | — | +21.7% | +1.4% | +6.7% | +1.3% |
| Cost of goods sold | $13.6B | $17.4B | $16.1B | $15.2B | $16.4B |
| YoY | — | +27.8% | -7.4% | -5.8% | +7.8% |
| Gross profit | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Research & development | $12.2B | $13.5B | $30.5B | $17.9B | $15.8B |
| YoY | — | +10.6% | +125.4% | -41.2% | -12.0% |
| Selling, general & administrative | $9.6B | $10.0B | $10.5B | $10.8B | $10.7B |
| YoY | — | +4.2% | +4.6% | +3.0% | -0.8% |
| Operating income | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Pretax income | $13.9B | $16.4B | $1.9B | $19.9B | $21.1B |
| YoY | — | +18.5% | -88.5% | +955.4% | +5.7% |
| Income tax | $1.5B | $1.9B | $1.5B | $2.8B | $2.8B |
| YoY | — | +26.1% | -21.2% | +85.4% | +0.0% |
| Net income | $13.0B | $14.5B | $365.0M | $17.1B | $18.3B |
| YoY | — | +11.3% | -97.5% | +4589.6% | +6.6% |
| EPS — basic | $5.16 | $5.73 | $0.14 | $6.76 | $7.30 |
| YoY | — | +11.0% | -97.6% | +4728.6% | +8.0% |
| EPS — diluted | $5.14 | $5.71 | $0.14 | $6.74 | $7.28 |
| YoY | — | +11.1% | -97.5% | +4714.3% | +8.0% |
| Weighted shares — basic | 2.53B | 2.53B | 2.54B | 2.53B | 2.50B |
| Weighted shares — diluted | 2.54B | 2.54B | 2.55B | 2.54B | 2.51B |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Cash & equivalents | $8.1B | $12.7B | $6.8B | $13.2B | $14.6B |
| YoY | — | +56.8% | -46.1% | +93.6% | +10.0% |
| Marketable securities (current) | — | $498.0M | $252.0M | $447.0M | $0 |
| YoY | — | — | -49.4% | +77.4% | -100.0% |
| Accounts receivable | $9.2B | $9.4B | $10.3B | $10.3B | $11.8B |
| YoY | — | +2.4% | +9.5% | -0.7% | +14.6% |
| Inventory | $6.0B | $5.9B | $6.4B | $6.1B | $6.7B |
| YoY | — | -0.7% | +7.6% | -3.9% | +9.0% |
| Total current assets | $30.3B | $35.7B | $32.2B | $38.8B | $43.5B |
| YoY | — | +18.0% | -9.9% | +20.6% | +12.2% |
| Total assets | $105.7B | $109.2B | $106.7B | $117.1B | $136.9B |
| YoY | — | +3.3% | -2.3% | +9.8% | +16.9% |
| Total current liabilities | $23.9B | $24.2B | $25.7B | $28.4B | $28.3B |
| YoY | — | +1.5% | +6.0% | +10.6% | -0.3% |
| Total liabilities | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Total equity | $38.2B | $46.0B | $37.6B | $46.3B | $52.6B |
| YoY | — | +20.4% | -18.3% | +23.2% | +13.6% |
| Shares outstanding | — | — | — | — | — |
| YoY | — | — | — | — | — |
Cash flow
Quarterly values derived from year-to-date filings (Q4 from the 10-K). Free cash flow = operating cash flow − capital expenditures.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Operating cash flow | — | $19.1B | $13.0B | $21.5B | $16.5B |
| YoY | — | — | -31.9% | +65.1% | -23.3% |
| Capital expenditures | $4.4B | $4.4B | $3.9B | $3.4B | $4.1B |
| YoY | — | -1.3% | -12.0% | -12.7% | +21.9% |
| Free cash flow | — | $14.7B | $9.1B | $18.1B | $12.4B |
| YoY | — | — | -37.8% | +97.9% | -31.7% |
| Dividends paid | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Share repurchases | $840.0M | $0 | $1.3B | $1.3B | $5.1B |
| YoY | — | -100.0% | — | -3.0% | +289.3% |
Margins & ratios
Derived from the reported dollars above — no separate source.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — |
| Operating margin | — | — | — | — | — |
| Net margin | 26.8% | 24.5% | 0.6% | 26.7% | 28.1% |
| Free cash flow margin | — | 24.8% | 15.2% | 28.2% | 19.0% |
| Effective tax rate | 11.0% | 11.7% | 80.0% | 14.1% | 13.3% |
| Current ratio | 1.27x | 1.47x | 1.25x | 1.36x | 1.54x |
| Total liabilities / equity | — | — | — | — | — |
Peer comparison — latest full year
Same sector (Health Care), sorted by revenue. All figures from the same EDGAR XBRL snapshot.
| Ticker | Revenue | Revenue YoY | Gross margin | Operating margin | Net margin | FCF margin |
|---|---|---|---|---|---|---|
| MRK FY25 · this stock | $65.0B | +1.3% | — | — | 28.1% | 19.0% |
| UNH FY25 | $447.6B | +11.8% | — | 4.2% | 2.7% | 3.6% |
| CVS FY25 | $402.1B | +7.8% | — | 1.2% | 0.4% | 1.9% |
| CI FY25 | $274.9B | +11.2% | — | 3.3% | — | — |
| ELV FY25 | $199.1B | +12.5% | — | 3.6% | 2.8% | 1.6% |
| JNJ FY25 | $94.2B | +6.0% | 67.9% | — | 28.5% | 20.9% |
| LLY FY25 | $65.2B | +44.7% | — | — | 31.7% | — |
| ABBV FY25 | $61.2B | +8.6% | — | 24.6% | 6.9% | 29.1% |
| BMY FY25 | $48.2B | -0.2% | — | — | 14.6% | 26.7% |
| TMO FY25 | $44.6B | +3.9% | — | 17.4% | 15.0% | 14.1% |
| ABT FY25 | $44.3B | +5.7% | — | 18.2% | 14.7% | 16.7% |
Source: SEC EDGAR XBRL company facts (10-Q / 10-K), snapshot generated 2026-11-03 for 218 tickers. Q4 values are derived as the 10-K annual less the first nine months, since Q4 is not separately tagged in company facts; cash-flow quarterly values are derived from year-to-date filings the same way. Free cash flow = operating cash flow − capital expenditures. Blank cells mean the filing does not report that line item under a standard US-GAAP tag — nothing is estimated or filled in. Descriptive research, not investment advice. How EarnIQ builds fundamentals.